Prize Mining Corporation

Prize Mining Corporation

April 27, 2007 13:14 ET

Prize Mining Corporation: Agreement to Purchase Atlin Placer Property

CALGARY, ALBERTA--(CCNMatthews - April 27, 2007) - Prize Mining Corporation (TSX VENTURE:PRZ) is pleased to announce that it has entered into an agreement with Kotcho Lake Logging Ltd. pursuant to which it may purchase from Kotcho a 100 percent interest in three placer claims and leases (the Atlin Placer Property) located over or adjacent to Prize Mining's existing hard rock claims on its Atlin gold property, located in Atlin, B.C. The Atlin Placer Property comprises approximately 466 acres. Prize Mining had previously entered into an option agreement with Kotcho pursuant to which it had the right to purchase a 100 percent interest in the Atlin Placer Property on or before December 15, 2006. Such agreement expired with the option unexercised. The purchase price for the Atlin Placer Property is $450,000 and 1,200,000 common shares of Prize Mining. Of this purchase price, $50,000 and 1,200,000 shares are immediately deliverable to Kotcho and the remaining $400,000 is due on or before December 15, 2007. These shares are subject to a four month hold period.

"The Atlin Placer Property overlays the Yellowjacket Zone of Prize's Atlin Gold Property which will be the focus of a 10,000 tonne hardrock Bulk Sample Trial Mining Operation over the course of the coming months," stated Feisal Somji, Chairman of Prize Mining. "As a result, Prize will process the placer material, along with the hardrock bulk sample, through the processing mill that Prize is presently building on site. This will enhance the potential for the generation of additional revenue through the Trial Mining Operation. We believe that this acquisition is a positive step towards our goal of production on the Atlin Property."

About Prize Mining

Prize Mining Corporation (TSX VENTURE:PRZ) is a company dedicated to the exploration, discovery and development of precious metal deposits. The company is exploring for Gold in the Atlin area of British Columbia, Canada and its Nickel-Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.


Harry McGucken, President and CEO

This release may contain forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are made as of the date hereof and Prize does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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